Cash Management

30.07         Petty Cash Funds                                                                               Issued: May 15, 1998

1.     Purpose

        The purpose of a petty cash fund is to provide a department that regularly purchases small
        dollar items with the necessary cash to do so in an effective and efficient manner.

2.     Establishment

        To establish a petty cash fund, the requesting department must submit a written request with
        proper justification to the Vice President for Finance and Administration (VPFA). Upon
        review and approval by the VPFA, the request is forwarded to the President for final
        approval.

3.     Issuance

        Upon receipt of the approved request, the Manager of Treasury Services in the Fiscal
        Office will issue the detailed procedures relating to petty cash funds (Attachment 1) and
        require the responsible person for the fund to sign a responsibility statement (Attachment 2) 
        prior to issuing the fund.

4.     Random Test Counts

        Periodically, the Head Cashier will conduct random test counts of approved petty cash
        funds to verify that they are properly secured and that all funds are accounted for.

5.     De-establishment of Fund

        Departments no longer requiring the use of a petty cash fund should contact the Manager of
        Treasury Services to de-establish the fund. Departments failing to properly secure and/or
        account for the fund may be required to de-establish the fund.  

Contact:     Manager of Treasury Services